Adirondack Capital Partners serves as advisor for Toll Bros. purchase of 118 10th Ave development site

Manhattan, NY Adirondack Capital Partners (ACP) made known that Toll Brothers has acquired a premier development site at 118 10^th Ave. in West Chelsea submarket from Benny Barmapov for $53 million.

Michael Hunter Coghill and Chad Sinsheimer of ACP served as exclusive advisors to the seller.

The site offers the ability to develop an 85,000 s/f residential condominium project.

Located within the Special West Chelsea District, the property benefits from substantial zoning flexibility and scale, making it one of the most compelling development opportunities in Manhattan’s West Side corridor.

“This transaction underscores the enduring institutional appetite for well-located development sites in New York City,” said Michael Hunter Coghill, founder and managing partner of Adirondack Capital Partners.  “West Chelsea has proven itself as a long-term residential and mixed-use destination, and Toll Brothers’ acquisition of 118 10t^h Ave. reflects the neighborhood’s depth, durability and appeal to best-in-class developers.”

“You just don’t see sites like this come up very often along the High Line,” said Chad Sinsheimer, partner at ACP.  “The combination of size, frontage and zoning, plus its proximity to Chelsea’s main drivers, made this a highly competitive process.”

118 10^th Ave. is located in West Chelsea, near Chelsea Market, the Meatpacking District, Hudson Yards and multiple major subway lines.  The 12,000 s/f assemblage, comprising two adjacent lots, is one of the last largely undeveloped sites in the immediate area, with prior office and mixed-use plans filed as recently as 2019 before shifting market conditions and strong residential demand repositioned the property.  Now slated for luxury residential development by Toll Brothers.